Confirms Warsh has been the frontrunner, was interviewed in 2017, and is well-known in financial circles. Markets are reacting because Warsh was very hawkish on the Fed, even when inflation was low, and is a critic of Fed mission creep and QE, wanting a smaller balance sheet.

Warsh believes in Fed operational independence but is willing to consult with Treasury, which could be seen as administration influence or just being practical.

Confirmation should be fairly easy; the subpoena could be withdrawn, and Warsh is well-known, previously confirmed, and has a father-in-law who is a major Republican donor.